by NPWT devices provide controlled negative pressure to the wound site to remove fluid exudates and improve blood flow. NPWT therapy helps reduce edema, seal tissues and promotes faster healing. It is effective in managing hard-to-heal wounds such as pressure ulcers, diabetic foot ulcers, surgical and trauma wounds. The global burden of chronic noncommunicable diseases which can lead to chronic wounds is growing rapidly. According to the International Diabetes Federation, around 463 million adults aged between 20-79 years were living with diabetes in 2019 and this figure is projected to rise to 700 million by 2045. The growing geriatric population and rising incidence of lifestyle diseases such as diabetes are major factors fueling the demand for NPWT devices.
The global Negative Pressure Wound Therapy (NPWT) Devices Market is estimated to be valued at US$ 16537.84 Mn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends observed in the NPWT devices market is the launch of portable and disposable NPWT systems. These systems offer enhanced patient mobility and improve compliance by eliminating the need for routine system maintenance. For instance, in September 2021, Smith & Nephew introduced Pico Single Use NPWT, a one-time-use portable device that can be applied directly to wounds. Companies are also focusing on technology advancements such as integration of smartphone apps to remotely monitor patients. This allows clinicians to track healing progression and adjust therapy without in-person visits. 3M launched the M.D. Rescue device in 2019 which connects to a mobile app and alerts clinicians if changes occur in a patient’s wound. Such innovation and technological advancements are expected to drive the adoption of NPWT devices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the NPWT devices market is moderate. High capital requirements and stringent regulatory approvals pose barriers for new companies.
Bargaining power of buyers: The bargaining power of buyers in the NPWT devices market is moderate. The availability of generic NPWT systems limits buyers power.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of multiple component suppliers in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited treatment alternatives available for wound care.
Competitive rivalry: The competitive rivalry in the NPWT devices market is high due to the presence of few large players.
Key Takeaways
The Global Negative Pressure Wound Therapy (NPWT) Devices Market is expected to witness high growth. North America is expected to dominate the NPWT devices market during the forecast period owing to the growing geriatric population, increasing prevalence of chronic diseases, advanced healthcare infrastructure and high adoption of advanced wound care devices.
Regional analysis: Europe is anticipated to witness a significant growth rate in the NPWT devices market during the forecast period. This is attributed to the growing incidence of diabetic foot ulcers and pressure ulcers coupled with rising healthcare spending in the region.
Key players: Key players operating in the Negative Pressure Wound Therapy (NPWT) Devices market are Abbott, Morinaga Milk Industry CO., LTD., RELAX EXCELLENCE IN LACTULOSE, FRESENIUS KABI, BIOFAC A/S and Lactose India Limited. Abbott has a strong footprint in the NPWT devices market with its various product offerings in single-use NPWT systems.
